EPS receives MDE School Finance Award for 13th consecutive year

Edina Public Schools (EPS) has received a School Finance Award from the Minnesota Department of Education (MDE) for the 13th consecutive year. It recognizes schools that meet statutory deadlines for submission of audited fiscal financial data and reporting criteria.

This year, MDE named two main criteria that determined a district’s award status. The first is Timely Submission of Financial Data and Compliance with Minnesota Statutes. This process involves meeting the state deadline with valid information about a school district’s fiscal standing. Based off on the information given by each school district, the state then decides what the revenue estimate will be for each district. About 72 percent of the district’s general budget comes from state revenues.

The second criterion is the Presence of Select Indicators of Fiscal Health. The state needs to know that school board members are being educated and practicing fiscal responsibility for their district, which includes a zero or positive balance in the Unassigned General Fund Balance, the aggregate fund balance in certain fund categories, and the Restricted/Reserved Fund Balance accounts.

Out of 575 eligible reporting entities, 469 met the qualifying criteria for the 2018 award.

“This award recognizes the consistent and conscientious stewardship of financial resources demonstrated by the district,” said Margo Bauck, director of business services. “District administration and the School Board are committed to managing a balanced budget that is aligned to learning for all students.”